Other Investments

The Company's other investments and its proportionate share of results from equity method investments were as follows ($ in thousands):



	Carrying value as of				Equity in earnings
	June 30, 2012		December 31, 2011		For the Three Months Ended June 30,						For the Six Months Ended June 30,
					2012			2011			2012		2011
LNR	$	176,600	$	159,764	$	8,674		$	10,079		$	20,811	$	24,064
Madison Funds	82,683		103,305		(767		)	5,754			8,731		7,956
Oak Hill Funds	48,368		56,817		508			572			3,883		6,078
OREO/REHI Investments	39,251		52,803		8,070			(5,450		)	14,195		(5,450		)
Other equity method investments (1)	69,617		73,146		1,935			8,176			5,586		11,416
Total equity method investments	$	416,519	$	445,835	$	18,420		$	19,131		$	53,206	$	44,064
Other	10,982		12,000
Total other investments	$	427,501	$	457,835

Explanatory Note:

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(1)	For the three and six months ended June 30, 2011, amounts include $6.4 million and $7.5 million, respectively, of earnings related to Oak Hill Advisors, L.P. and related entities which were sold during in October 2011.

Summarized Financial Information

LNR—The following table represents investee level summarized financial information for LNR ($ in thousands)(1)(2):



	For the Three Months Ended March 31,						For the Six Months Ended March 31,
	2012			2011			2012			2011
Income Statement
Total revenue(2)	$	71,337		$	77,394		$	148,696		$	156,413
Income tax expense (benefit)(3)	$	1,805		$	2,025		$	3,642		$	(32,333	)
Net income attributable to LNR	$	36,178		$	42,036		$	86,799		$	100,366
iStar's ownership percentage	24		%	24		%	24		%	24		%
iStar's equity in earnings from LNR	$	8,674		$	10,079		$	20,811		$	24,064



	As of March 31,			As of September 30,
	2012			2011
Balance Sheet
Total assets(2)	$	1,329,460		$	1,288,923
Total debt(2)	$	477,055		$	469,631
Total liabilities(2)	$	564,352		$	576,835
Noncontrolling interests	$	6,943		$	39,940
LNR Property LLC equity	$	758,165		$	672,147
iStar's ownership percentage	24		%	24		%
iStar's equity in LNR	$	176,600		$	159,764

Explanatory Notes:

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(1)	The Company records its investment in LNR on a one quarter lag, therefore, amounts in the Company's financial statements for the three and six months ended June 30, 2012 and 2011 are based on balances and results from LNR for the three and six months ended March 31, 2012 and 2011, respectively.

(2)

LNR consolidates certain commercial mortgage-backed securities and collateralized debt obligation trusts that are considered VIEs (and for which it is the primary beneficiary), that have been excluded from the amounts presented above. As of March 31, 2012 and September 30, 2011, the assets of these trusts, which aggregate approximately $85.19 billion and $126.66 billion, respectively, are the sole source of repayment of the related liabilities, which aggregate approximately $84.92 billion and $126.64 billion, respectively, and are non-recourse to LNR and its equity holders, including the Company. In addition, total revenue presented above includes $16.3 million and $30.8 million for the three months ended March 31, 2012 and 2011, respectively, of servicing fee revenue that is eliminated upon consolidation of the VIE's at the LNR level. This income is then added back through consolidation at the LNR level as an adjustment to income allocable to noncontrolling entities and has no net impact on net income attributable to LNR.


(3)	During the six months ended March 31, 2011, LNR recorded an income tax benefit from the settlement of certain tax liabilities.

Madison Funds—During the six months ended June 30, 2012, the Madison Funds recorded a significant gain related to the sale of an investment and the Company recorded its proportionate share of approximately $13.7 million.

OREO/REHI Investments—During the three and six months ended June 30, 2012, earnings from equity interests in OREO/REHI investments include $10.2 million and $18.2 million, respectively, related to income recognized on sales of residential property units.